• Graph [GRT] hit a crucial support level and faced price rejection at $0.2321, ushering in bears. The token has since fallen by over 25%.
• At press time, GRT oscillated between 50% ($0.1723) and 61.8% ($0.1864) Fibonacci levels but bulls must deal with the hurdle at $0.1776.
• Sentiment dropped as GRT’s short-term selling pressure increased, showing waning confidence in the asset and more tokens being moved to exchanges for offloading.
Overview of GRT Price Analysis
GRT recorded a sharp drop as bears took control of the market, pushing the token from $0.2321 to $0.1674 and facing price rejection at $0.1776 resistance level with mild bullish momentum seen at press time. Weighted sentiment dropped due to increasing short-term sell pressure, indicating waning confidence in GRT from investors with more tokens being moved to exchanges for offloading.
Price Drop
The Graph [GRT] hit a crucial support level but the prevailing sell pressure could undermine a strong recovery at press time when GRT traded at $0.1761 with low trading volumes and increasing short-term sell pressure weakening buying pressure and market structure. As such, GRT could oscillate between 50% ($0.1723) and 61.8% ($0.1864) Fib levels in the next few hours while bulls must deal with the hurdle at $0.1776 with Relative Strength Index (RSI) retreating but still bullish at 57 units while Chaikin Money Flow (CMF) exhibited a sideways movement above zero line indicating battered but steady market that could enter a price consolidation phase or further decrease in trading volume tipping bears to break below 50% Fib level invalidating bias described above if downtrend is kept in check by 382% or 2360% Fib levels respectively..
Waning Confidence
As per Santiment weighted sentiment dropped indicating waning confidence in asset by investors while Supply outside of exchanges declined showing little demand for GRT which could affect possible recovery should it happen given short-term sell pressure witnessed so far that was reflected also in spike of supply on exchanges as mentioned earlier .
Price Prediction 2023-24
With current bearish outlook it is hard to make any predictions about future value of GRTs however if bearish trend is reversed then prices might be able to recover hitting new highs again due to underlying technology potentials however this will most likely depend on success of real world uses cases built around The Graph platform .
Conclusion
Despite drop in prices GRTs still remain attractive long term investment option due its potential applications related to DeFi projects , NFTs etc . Therefore despite current short term sell pressures careful watch should be exercised until clear direction emerges .